Question: An agent wrote in this week asking about how to handle a situation where the foreclosure auction date is quickly approaching and the only offer he has received on his Short Sale listing is from a Buyer who must sell another home (a contingency offer) in order to close on the Short Sale purchase. The agent said he knows we don't typically send in offers from buyers with contingencies to sell another home but he is desperate. He has an Indymac conventional lien holder on this listing and the foreclosure date is two weeks out. He wants to know if it be worth sending in the offer to get the foreclosure stopped or if we think they would catch it immediately. Another option might be to have the buyer remove the contingency and take a chance that their home will sell during the approval time. What can he do?

Our Answer: If the offer with the contingency is your only offer, then yes... send it.